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Amended Announcements Please refer to the earlier announcement reference number: LIP-13052019-00002
VORTEX CONSOLIDATED BERHAD ("VORTEX" OR "COMPANY") ADJUSTMENTS TO THE CONVERSION PRICE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES IN VORTEX ("ICPS"), CASH PAYMENT FOR CONVERSION OF ICPS AND NUMBER OF OUTSTANDING ICPS PURSUANT TO THE CONSOLIDATION OF EVERY 4 EXISTING ORDINARY SHARES IN VORTEX ("VORTEX SHARE(S)") HELD AS AT 5.00 P.M. ON 3 FEBRUARY 2021 ("ENTITLEMENT DATE") INTO 1 VORTEX SHARE ("SHARE CONSOLIDATION")
Vortex has full discretion over the declaration of dividends, if any. Dividends declared and payable annually in arrears are non-cumulative and shall be in priority over the Vortex Shares.
Pursuant to the adjustments to the conversion price of ICPS, cash payment for conversion of ICPS and number of outstanding ICPS arising from the Share Consolidation ("Adjustments"), (i) the existing number of 68,251,151 ICPS as at the Entitlement Date will be adjusted into 17,062,777 ICPS (after disregarding the fractional entitlements arising from the Adjustments), which will be listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad on 4 February 2021, being the next market day following the Entitlement Date; (ii) the conversion price of ICPS of RM0.15 each will be revised to RM0.60 each; and (iii) the cash payment for conversion of ICPS (based on the conversion mode of surrendering 1 ICPS with additional cash payment for 1 new Vortex Share) of RM0.10 each will be revised to RM0.40 each. Further, in accordance with the provisions of the Company's Constitution, the Adjustments will take effect from 4 February 2021, being the next market day following the Entitlement Date. The notice setting out the details of the Adjustments to the holders of ICPS will be issued and despatched to entitled ICPS holders in due course. This announcement is dated 3 February 2021.